XRP ‘mega whales’ scoop up over $700M in second-biggest accumulation spree in history

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Ripple (XRP) addresses that maintain a minimum of 10 million native models have returned to accumulating extra prior to now three months, the same state of affairs that preceded a giant rally for the XRP/USD and XRP/BTC pairs in late 2020.

The return of XRP ‘mega whales’ 

A 76% spike in XRP “mega whale” addresses since December 2021 has been famous by analytics agency Santiment showing that they added a complete of 897 million tokens, value over $712 million as of Feb. 18, to their reserves.

The platform additional highlighted that the XRP accumulation witnessed within the final three months was the second-largest within the coin’s existence. The primary large accumulation occurred in November–December 2020 that noticed whales depositing a complete of 1.29 billion XRP to their addresses.

XRP 'mega whales' scoop up over $700M in second-biggest accumulation spree in history
XRP provide into addresses holding greater than 10 million native models. Supply: Santiment

Curiously. the spike in XRP provide into the whale addresses coincided with a worth bounce towards Bitcoin. The XRP/BTC trade charge surged by almost 150% to as excessive as 3,502 satoshis between Nov. 1, 2020, and Nov. 24, 2020.

XRP additionally strengthened towards the greenback as with XRP/USD rallied by greater than 250% to $0.82 in the identical interval. In consequence, the latest uptick in whales-led accumulation raised prospects of the same upside development within the XRP market, Santiment hinted within the chart above.

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Nonetheless, it’s vital to say that XRP’s large growth in November 2020 got here primarily within the wake of Ripple’s move to purchase $46 million worth of XRP to “assist wholesome markets.”

XRP worth holding rebound positive factors

The latest bout of XRP accumulation amongst whales partially appeared alongside a restoration over the previous weeks. 

XRP’s worth rebounded by as a lot as 65% to $0.91, lower than three weeks after bottoming out at $0.55 on Jan. 22, 2022. Nonetheless, as of Feb. 18, the worth had fallen again to close $0.77, suggesting that bulls reeled below the strain of the 50-week exponential transferring common (50-week EMA; the crimson wave within the chart beneath).

XRP 'mega whales' scoop up over $700M in second-biggest accumulation spree in history
XRP/USD weekly worth chart. Supply: TradingView

Cointelegraph discussed a similar pullback setup in its evaluation final week, suggesting {that a} selloff close to the 50-week EMA might set off an prolonged draw back transfer towards the 200-week EMA (the blue wave) close to $0.54.

Conversely, the setup additionally indicated {that a} decisive transfer above 50-day EMA would possibly push the worth to its multi-month descending trendline resistance close to $1.

Associated: XRP gains 30% after Ripple gets permission to explain ‘fair notice defense’ vs. SEC

The worth motion on shorter-timeframe charts additionally suggests an imminent rally towards $1. As an illustration, XRP has been forming what seems to be a bull pennant setup on a four-hour chart, confirmed by an ongoing consolidation in a symmetrical triangle.

XRP 'mega whales' scoop up over $700M in second-biggest accumulation spree in history
XRP/USD four-hour chart that includes bull pennant setup. Supply: TradingView

A fundamental rule of the bull pennant setup is that it prompts the worth to go greater as soon as it decisively breaks above the construction’s higher trendline, and thus eyeing ranges above $1. 

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you must conduct your individual analysis when making a call.